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Each year, Mortgage Investors Group helps thousands of homebuyers select the home loan program best suited to their needs. Yet, few people outside of the mortgage lending industry understand the hard work happening behind the scenes that leads up to the memorable day when the borrower receives the keys to his or her new home. To commemorate National Mortgage Professionals Month this September, we’re sharing insights into the important roles each department plays in ensuring our borrowers are able to finance the home of their dreams. This week, we focus on the Processing Department.
The processing team is the glue that brings everyone in the loan process together. They are the fuel to your race car because, without them, it would take a lot longer to get to the finish line and you might even run out of gas.
The processing team is the go-between with loan officers, underwriters, and any third parties involved in processing your loan. They are the go-to person for any questions on your loan, and without them, crossing the finish line would be nearly impossible.
At MIG, we have a team of 62 loan processors, each of whom carefully and quickly process your loans, so you meet your contracted deadlines and cross the finish line with your keys in hand.
The Loan Processor’s Job
The loan processor organizes your loan so the underwriter has everything they need to determine if you can afford the loan.
The processor collects all documents, packaging them the way the underwriter needs them for your loan program. Our experienced processors know everything underwriters need, so there is a lot less back and forth, meaning there are virtually no delays in your closing.
Our processors know how to validate the income, asset, and credit documents you provide. They also order your title and appraisal, so the underwriter has everything they need to underwrite your loan one time.
The Processing Team at MIG
Most of our 29 offices has a processing team in it. This makes it a lot easier to ensure underwriters have everything they need for every file. In addition, we aim to ask borrowers for documentation once, so there’s less back and forth, and the race to the finish line goes much faster than anyone anticipated.
What we love most about our processors is their care for every borrower. They know each borrower as a person, not a number. They know humans are waiting with bated breath to see if they can finally call their dream house their home.
Our processors are meticulous in their requests and can articulate what’s needed from borrowers before the underwriter even asks. As a result, they are the person you want on your team to create the best strategy to come out of this race as the winner.
